Abstract
This study purposed to determine the impact of the microenvironment on firm value with the macro environment as the moderator variable. This research population is the pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange in terms 2015-2020. Samples that suit the criteria are eight companies. The data were analyzed using panel data regression with a multiplication interaction structure so that there were 48 observations. The results showed that the Fixed Effect is the best model. The study results simultaneously show that the microenvironment is measured using investment decision variables, market penetration, and inventory turnover. The macro-environment, as measured using the GDP variable, has a significant and positive effect on firm value. Partly, investment decisions and inventory turnover have a positive and significant effect on firm value, while market penetration has no impact on firm value. Meanwhile, GDP can only moderate investment decisions and inventory turnover and not moderate market penetration.
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